In a significant development, Shiba Inu (SHIB) has seen a 16% surge in its daily value, reaching a market cap of $16.9 billion and making it the 11th largest cryptocurrency. This surge is part of an overall revival in the meme coin sector, which has seen its market capitalization surpass the $70 billion mark.

Shiba Inu's rise in value has been accompanied by a surge in some key metrics related to its ecosystem. The trading volume in the past 24 hours has risen to nearly $1.9 billion, outperforming other meme coins such as Dogecoin (DOGE) and PEPE.

Two major factors contributing to Shiba Inu's revival are the project's burning mechanism and the advancement of its layer-2 scaling solution, Shibarium. The burn rate increased by almost 600% a week ago, resulting in almost 10 million tokens being destroyed. Shibarium, which aims to reduce transaction fees and improve speed, has surpassed the 400 million mark in total transactions since its launch last summer.

This news highlights the dynamic nature of the cryptocurrency market and the potential for innovative projects like Shiba Inu to make significant strides in a short period.